One of the things we are passionate about here at Ace Business, is making business owners lives easier. Whether that is through tax advice, improving clients accounting and bookkeeping systems and recommending or offering apps that make processes easier. We also refer people to relevant business connections to ensure they are making the most of every opportunity available to them.
This is why we have been offering Dext to our clients free of charge, to ensure that our clients are making the most of modern bookkeeping practices to make it easy for them to keep their receipts in order.
What is Dext?
Dext (Formerly Receipt Bank) allows you to take photo’s of your receipts and have all of the information extracted from them. This then allows you to streamline the process of storing receipts, and allows easy reconciliation as Dext will then feed this information on to Xero.
We were early adopters of Dext and when we started with it, the average extraction time was roughly 1-2 hours. Incredibly, we now find that most receipts are extracted within a minute, and it’s very rare that any receipt takes more than 10 minutes to extract. Often it is instant!
Some of the other benefits of Dext
The things that we love about using Dext are:
- No need to keep a pile of receipts. Once they are in the Dext system then you can throw them away. Note: We recommend going through a learning curve before throwing the receipts away to make sure your photography skills are suitable. 🙂
- Easy to look up a receipt for returns or refunds. Did you buy a tool from bunnings that has stopped working in the first month. Just do a search for bunnings in your Dext archive, and you’ll find it. Print it, and take it in and you can get your exchange or refund. (We recommend getting a refund and then re-purchasing so that you can enter your credit separately. Bunnings puts 2 x transactions – the refund and purchase – on one receipt otherwise).
- Great for ATO audits. Need proof of purchase in a hurry, Dext has you covered also. Dext is one of the reasons that ATO Audits or reviews are becoming far less stressful.
- Automatic splits – You can set up Dext to split receipts for business/personal use. This is very useful for motor vehicle expenses.
- Auto Publish – For those receipts that are predictable each time, you can set it to autopublish those to Xero.
- Invoice Fetch – For those accounts that you have an account on you can automatically fetch them directly from your account. No need to upload invoices because Dext will fetch them for you.
- Email forwarding – If you get a particular invoice via email every month, then set up an email rule so that it will automatically forward it to your Dext account. Dext will then extract the details from the email or pdf ready to export to Xero. Easy!
- Cloud based – You take a photo, and we have access to it no matter where you are in the world. We’ve got clients all around Australia that are using this system, and it is fast
If there is anything we can do to save ours and our clients time, we will do it, and that’s why Dext has become a crucial tool in our’s and our clients arsenal. It’s saved our clients thousands of hours of time, and also helped to improve accuracy.
If you’d like to discuss Dext with us then please contact us for a chat.